Businessman Mark Walter’s acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year.

While vacationing on a yacht somewhere on the high seas, Lakers legend Magic Johnson shared his thoughts on Mark Walter taking control of another L.A. franchise.

The Buss family has owned the Lakers since 1979, when the late Dr. Jerry Buss purchased them from previous owner Jack Kent Cooke. Dr. Buss' daughter, Jeanie Buss, who has been their governor for many years, issued a statement on the transaction on Wednesday.